Planet Home Lending LLC, a Meriden, Conn.-based mortgage lender and servicer, announced Thursday that it has acquired assets of retail lender Platinum Home Mortgage Corp.
Planet Home will acquire the majority of the Hoffman Estates, Ill.-based company's origination staff, including more than 20 branch offices in locations throughout the United States. Terms of the transaction were not disclosed.
Platinum Home Mortgage has 22 branches and originated $575.6 million in mortgages in 2022, according to Modex.
“We look to acquire right-sized, financially solid distributed retail companies,” said Michael Dubeck, CEO and president of Planet Financial Group, parent of Planet Home Lending. “Platinum is a solid cultural fit. Its talented, highly experienced people share our commitment to delivering exceptional lending experiences supported by deep personal care for borrowers.”
Planet Home said it expects to continue gaining market share through organic growth and strategic acquisitions. Thursday’s deal brings to Planet Home a purchase-focused platform and high-producing branches, expanding the company’s footprint in markets in the Midwest, Northwest, and West Coast, the company said.
Planet is now ranked ninth on Inside Mortgage Finance’s overall lender leaderboard and fourth among government loan producers.
“The move to Planet brings immediate access to improved pricing, technology, and marketing to Platinum’s branches,” said Lee M. Gross, Platinum CEO and president. Gross will join Planet Home as senior vice president and will continue to lead the Platinum team, the companies said.
“Planet’s efficient platform gives us the pricing advantage of $26 billion in volume,” Gross said. “In addition to agency and GSE [government-sponsored enterprise] home loans, Planet also has niche products tailored to today’s tight real estate markets, including self-funded One-Time Close (OTC) construction loans as well as manufactured housing and renovation mortgage loans.”
Bill Giambrone, Platinum’s former president and CEO, and his brother, Michael Giambrone, founded Platinum Home Mortgage in 1993.
